Arun Jaitley likely to visit Australia in March; invite investments

SYDNEY: Finance Minister Arun Jaitley is likely to visit Australia next month and invite Pension Funds to invest in India, which offers vast opportunities, particularly in the infrastructure sector.

Jaitley is also expected to be a part of the 'Make in India' programme scheduled to take place in Australia in March-end, said an Indian official here.

"The Finance Minister is expected to visit Australia during end of next month. He will be meeting Pension Funds and will invite them to invest in India's promising growth story," he added.

The trip is an extension of the state visit of Prime Minister Narendra Modi to Australia in November last year, the first Indian premier to visit the country in 28 years.

The Finance Minister's visit signifies the importance India accords to Australia as well as is part of India's efforts to meet with investors globally and explain to them about the investment opportunities in the country, said the official.

Confirming the development, an Australian government official said: "We have been told that your Finance Minister is likely to come next month."

Relations between India and Australia have grown stronger in the last few years with both the countries signing some important deals, primarily the civilian nuclear cooperation agreement, which opens doors for the much-needed uranium supply for India's nuclear reactors.

Besides, both the countries are close to inking the Free Trade Area (FTA) pact. The talks for a comprehensive economic cooperation agreement ( CECA) also known as FTA were started in 2011, which once cleared will open doors for more trade and investment between India and Australia.

Besides, both the nations will be part of the 16-member Regional Comprehensive Economic Partnership ( RCEP), which aims at reducing or eliminating tariffs, facilitating movement of professionals and providing a level-playing field to each other's investors.